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OTTAWA - Ottawa has given its blessing to the sale of properties
8 n; M% m5 H, |: o4 b/ n; Fowned by Athabasca Oil Sands Corp. to a Chinese company.
7 w# o: ]) U" E% U S; Q( V Federal Industry Minister Tony Clement says he has reviewed the
; K8 h+ Y7 S! F8 D- B* {deal between Athabasca and PetroChina International Investment Co.0 B" u t: d# i* A
Ltd. and finds its is likely to be of net benefit to Canada.
" g s* {+ }- e6 G3 R. Q0 d# b! Q Clement says PetroChina and its parent, PetroChina Co. Ltd., have
: c1 q& ~$ ^! Y% rmade a number of significant commitments should they be allowed to, e. [( e: D: A6 X- C5 D9 \
acquire control of the MacKay and Dover oil sands projects.5 H9 } z9 j" W5 Y( j
Among other things, the Chinese concerns have agreed to capital* I& \. }0 A1 H2 z$ I2 C9 [
expenditures in excess of $250 million for developing the properties1 ~5 t+ c: O3 u/ v5 K
over the next three years.' Q, w) H2 w# K- z! L
They have also pledged to increase employment levels in Canada as) D( t6 w4 L+ o5 S# Q2 q
they develop the projects over the next three years and to maintain
. K( u/ ~/ E2 |an Alberta head office for operating companies associated with the. Q0 i W( L ~, a0 D
projects for the next five years.
* M9 M8 H B3 \. J' \. z I (The Canadian Press) |
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